Archive | Jones Lang LaSalle

Eden Terrace deal leads JLL metro year-end sales

JLL’s Auckland metro team ended 2017 with 6 sales on the east & west of the isthmus, in Eden Terrace, Grey Lynn, Herne Bay & Parnell.

They included the $6.8 million sale of a Porters Avenue property in Eden Terrace (pictured).

Isthmus east

Parnell

10 Augustus Terrace, units 2a & 2b:
Features: 2 office units totalling 246m², 8 parking spaces
Rent: $86,000/year net
Outcome: both sold in December for $1.53 million + gst at a 5.6% yield
Agent: Ben Jamieson

15 Bath St:
Features: 375m² mixed-use site, 539m² office building, 14 parking spaces
Rent: $225,000/year net
Outcome: sold in December for $4.2 million + gst at a 5.35% yield
Agent: Ben Jamieson

Isthmus west

Eden Terrace

1A Porters Avenue:
Features: 3371m² site zoned mixed use, 2760m² warehouse, workshop & office
Outcome: sold to an owner-occupier with vacant possession for $6.8 million
Agents: Jarred Hill, Alex Wefers & Nick Cape

Grey Lynn

41C Crummer Rd:
Features: 92m² office unit, 23m² deck, 2 secure parking spaces
Outcome: sold for $624,000, reflecting $6783/m² floor area
Agents: Alex Wefers & Tom Dobier

28 Monmouth St:
Features: 332m² vacant land in mixed-use zone
Outcome: sold to developer for residential purposes for $1.18 million + gst, reflecting $3554/m²
Agent: Alex Wefers

Herne Bay

204-208 Jervois Rd:
Features: 491m² multi-tenanted property, 832m² floor area, hospitality & office tenants
Rent: about $318,000/year net
Outcome: sold for $6.3 million + gst, reflecting a 5.0% yield
Agent: Alex Wefers

Attribution: Agency release.

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Rosedale & Wairau Valley sales

JLL North Shore agent Jaye Miller has completed 2 sales in Rosedale & on Porana Rd in the Wairau Valley.

North-east

Rosedale

4 Orbit Drive, unit E5:
Features: 234m² tenanted office  
Outcome: sold for $1.015 million
Agent: Jaye Miller

Wairau Valley

7 Porana Rd, unit 1:
Features: 150m² industrial unit
Outcome: sold for $436,500
Agent: Jaye Miller

Attribution: Agent release.

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Dozen sales for JLL

JLL agents have sold 11 commercial properties around Auckland and one in Palmerston North.

CBD

Learning Quarter

44E Anzac Avenue:
Features: 168m² office floor with apartment conversion potential, 2 parking spaces
Rent: $35,280/year net
Outcome: sold for $580,000 at a 6% yield
Agent: Jason Armstrong

Isthmus east

Epsom

Knights Inn, 234 Green Lane West:
Features: 26-unit motel
Outcome: sold for $9.5 million
Buyer’s agents: Jason Armstrong & Jarred Hill

Isthmus west

Blockhouse Bay

552-554 Blockhouse Bay Rd:
Features: 2 shops of 50m² & 53m², leased to a hair salon & a Thai food takeaway
Rent: $44,240/year net + gst
Outcome: sold for $911,000 at a 4.85% yield
Agent: Kevin Reardon

Grey Lynn

27 Nixon St:
Features: 455m² 2-level building, residential over ground-floor warehouse
Outcome: sold vacant for $2.2 million
Agents: Jason Armstrong & Alex Wefers

30a Pollen St:
Features: 377m² industrial unit – 306m² ground-floor warehouse, 70m² office & amenities, 4 parking spaces
Rent: $68,000/year net + gst
Outcome: sold for $1.365 million at a 4.98% yield
Agents: Alex Wefers & Jarred Hill

60A Surrey Crescent:
Features: 147m² industrial unit, 4 parking spaces
Rent: $37,000/year net + gst
Outcome: sold for $728,000 at a 5.08% yield
Agents: Alex Wefers & Jarred Hill

Mt Albert

43a Linwood Avenue, unit 7:
Features: 260m² vacant warehouse unit, 6 parking spaces
Outcome: sold for $750,000 at a 5.2% yield on market rent
Agent: Alex Wefers

Mt Eden

45A Normanby Rd:
Features: 582m² industrial unit – 385m² warehouse, 197m² office & amenities, 10 parking spaces
Outcome: sold vacant for $2.058 million
Agent: Ben Jamieson

23 Edwin St, unit G02:
Features: 105m² office unit, 4 parking spaces, new 3-year lease
Rent: $50,000/year net + gst
Outcome: sold for $1.05 million at a 4.76% yield
Agent: Ben Jamieson

North-east

Mairangi Bay

17-19 Apollo Drive:
Features: vacant 13,008m² zoned general business
Outcome: sold on behalf of AUT, price confidential
Agents: Jason Armstrong & Dave Mayhew

41 Centorian Drive:
Features: 20,172m² of subdivisible residential land zoned mixed suburban, longtime home of medical publisher Adis International Ltd (more recently Springer Science+Business Media)
Outcome: sold, price confidential
Agents: Jason Armstrong & Dave Mayhew

South of the Bombays

Manawatu

Palmerston North

10-15 The Square:
Features: 1830m² of office & retail space
Outcome: sold, price confidential
Agent: Jason Armstrong

Attribution: Agency release.

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3 Shore commercial sales & a lease

JLL agent Jaye Miller has finalised a sale & a lease on separate Wairau Valley properties in the last 10 days, following a mid-year Wairau Valley sale and another at Rosedale.

North-east

Sales

Rosedale

10 Canaveral Drive, unit 6:
Features: 473m² office & warehouse unit, 7 parking spaces
Outcome: sold in June for $1.19 million at a 6.05% yield
Agent: Jaye Miller

Wairau Valley

75G Ellice Rd:
Features: 782m² building occupied by Bakers Harvest, 14 parking spaces, at the back of a unit development
Outcome: sold last week for $1.7 million at a 5.08% yield
Agent: Jaye Miller

89-93 Ellice Rd, unit 3A:
Features: 125m² unit,
Outcome: sold in July for $621,500 at a 3.34% yield on current rent, 4.8% at market rent
Agent: Jaye Miller

Lease

Wairau Valley

20 Parity Place:
Features: 650m² building
Rent: leased this week for $90,000/year net + gst
Agent: Jaye Miller

Attribution: Agent release.

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Epsom office building sells

JLL agents Jarred Hill & Jason Armstrong have sold a Great South Rd building near the Market Rd corner in Epsom with a rent underwrite in place.

Under the mixed-use zone, the site can be developed up to 4 storeys or 18m.

Isthmus east

Epsom

97 Great South Rd:
Features: 1053m² site, 718m² office building, 2 established tenants on leases expiring at the start of 2020, covered parking
Rent: $175,000/year
Outcome: sold for $3.9 million, reflecting a 5.1% yield on underwritten market rental (landlord underwrote rent to market level $200,000 net for the remaining lease term)
Agents: Jarred Hill & Jason Armstrong

Attribution: Agent release.

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4.3% yield in Morningside reflects area’s transformation

Agents who sold a dual-frontage Morningside property on a 4.3% yield say the suburb is seeing changes under the unitary plan, improved access & intensive residential development that will transform it in a short timeframe.

Under the unitary plan, the property at 617 New North Rd is in the local centre business zone, which allows for retail, office, food, beverage, apartments & commercial services. “Developers may build up to 18m in this zone,” JLL agent Jarred Hill said.

Leases on this property run through to 2024, but around it considerable change is anticipated, partly arising from improved motorway & rail links: “It’s around 1.2km to the North-western Motorway system, a 12-minute walk from Kingsland village, and only a few minutes’ walk to Morningside railway station. Access will only improve once the city rail link upgrade is complete.”

Alex Wefers said the area was being developed and would see substantial population growth – up by a third (13,000) through to 2043. The Urbanaut craft brewery has just opened at 597 New North Rd, and the Station 580 apartment complex is due to open at 580 New North Rd late next year.

Isthmus west

Morningside

617 New North Rd:
Features: 943m² site, 2 buildings on one title with combined floor area of 505m², leased to the Unite Union & Peel to Pip Café, with 2-bedroom apartment occupied by café tenants, both leases have final expiries in 2024, 6 parking spaces, dual street frontage to Western Springs Rd & New North Rd
Rent: $108,398/year net combined rent
Outcome: sold for $2.5 million at a 4.3% yield
Agents: Alex Wefers & Jarred Hill

Attribution: Agency release.

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Glen Eden property sold

Jones Lang LaSalle has sold a Glen Eden office & warehouse combination (outlined) on a 6.1% yield, although the warehouse will become vacant on settlement.

North-west

Glen Eden

7 Waikaukau Rd:
Features: 2 buildings – a 264m² front office building and a 1728m² warehouse at rear
Rent: combined rent $90,200/year, but warehouse will be vacant at settlement; office building is leased for $26,400/year + gst + opex until June 2020
Outcome: sold for $1.475 million at a 6.1% yield on current rent
Agents: Jason Armstrong & Alex Wefers

Attribution: Agent release.

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5% yield off Khyber Pass

A Grafton office & warehouse, between Khyber Pass Rd & Mt Eden Prison, has been sold on a 5% yield.

Isthmus east

Grafton

12 Auburn St:
Features: 749m² site, 762m² office & warehouse zoned mixed use
Rent: $170,000/year net, 8-year leased from 1 May 2017, one 3-year right of renewal
Outcome: sold for $3.4 million at a 5% yield
Agent: Ben Jamieson, JLL

Attribution: Agent.

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Marken Place unit in Wairau Valley sold

A unit in Marken Place, a cul-de-sac at the top of the Wairau Valley, has been sold by JLL North Shore agent Jaye Miller.

North-east

Wairau Valley

7-9 Marken Place, unit F:
Features: 260m² industrial unit
Outcome: sold for $685,000 at a 3.8% yield
Agent: Jaye Miller

Attribution: Agent release.

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Christchurch development site sells

A large development “island” next to the Avon River in Christchurch has been sold through a tender conducted by JLL.

The property – surrounded by 3 streets & newly designated parkland – is zoned central city residential, which amalgamated all the living 4 zones and allows a maximum building height of 11m.

Sales agent Chris Harding said the buyer would look to develop the site in the longer term, but in the short term the 450m² house & outbuildings were likely to be rented out as holiday accommodation.

South Island – Canterbury

Christchurch

2 Bangor St:
Features: 3736m² section in 4 titles, effectively an island surrounded by 3 road frontages (Bangor & Kilmore Sts & Oxford Terrace) and newly designated parkland, 450m² house built in 2011 across street from the Avon River, separate 4-car garage has 80m² flat above, with 2 bedrooms & office; all designed to be relocated in the event of redevelopment
Outcome: sold for $2.15 million
Agent: Chris Harding

Attribution: Agency release.

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